New software products, updates, upgrades, and add-ons have found their way into real estate companies. Suppose the real estate portfolio is managed to satisfaction. In that case, the value of a property is determined in line with the market. The operating costs are broken down correctly, and the professionals in the real estate industry are satisfied. But at the moment there is more of a proliferation of information technology. The interfaces between the systems are increasing, and the software manufacturers react differently to these challenges.
Software selection: criteria and methods
So far, digitization in the real estate industry is not very far advanced. Many companies are still trying to map as many processes as possible with conventional standard office software such as Excel. In the future, however, it will no longer be enough to use a single piece of software. A combination is better - with a modern software system as the central platform, via which appropriate software solutions from partner companies, such as PropTechs, can be docked for various other tasks.
Finding the right IT solution, however, is not that easy. The market is very heterogeneous.
For real estate companies to find the right technical system that suits their company and its tasks, it is essential to analyze precisely at the beginning which steps there are in the work process and which priority they have. Only with this knowledge can technology support companies in a meaningful way in everyday life.
The market offers various software solutions for all areas of the real estate industry. What should companies pay attention to when choosing?
Software property management/utility billing
Service bills are one of the most critical tasks of property managers. These should always include property management software. Further services result from the administrations' respective fields of activity - e.g., for apartment owners' associations. Tools for the electronic recording of handover protocols, for the settlement of deposits or the adjustment of new advance payments are practical in any case.
Broker software
The market also offers a wide variety of options for real estate agents. Before brokers decide on an offer, it makes sense to think about the office places' requirements on the software. Functions for customer relationship management are essential - including maintaining contacts and managing appointments. Besides, the software should offer the possibility to carry out a valuation. The broker software should also be able to send documents and exposés as form letters or emails.
Real estate valuation / portfolio management software
A software system for portfolio management should enable a 360-degree view of the property, with the associated methods such as analyzes, scoring, financial mathematical models, planning, key figures, value driver trees, sensitivity analysis, simulations, benchmarking, and reporting. Due to the many individual combinations of technical requirements, many different systems have developed over the years for the market's most varied conditions. As everywhere in life, one can differentiate between "ready-to-wear" standard solutions and individual "haute couture'' solutions with portfolio management systems. "Haute Couture'' also uses prefabricated essential solutions as a basis for customization.
Conclusion
People and companies' everyday lives have changed permanently due to digital transformation and will continue to do so. This opens up great potential for added value for the real estate industry through new ways of interaction and data use with the right kind of real estate IT solutions: increased efficiency in work organization, more comfort in dialog with customers and business partners, new types of building management, the offer of additional services and the opportunity for new, innovative business models.
Read Also :
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